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 BREACH OF CONTRACT Breach means breaking of the rules. In respect of contract, breach means failure to perform what is required under the contract. Breach of contract is of two types – Anticipatory and Actual. Anticipatory Breach of Contract Where the promisor refuses to perform his obligation even before the specified time for performance andContinue reading “Law of Contract – Breach of Contract”

 CAPACITY TO CONTRACT We already know that the parties to a contract must be competent, that is, they must have the capacity to contract. The question, now, is who is competent to contract? Law states that every person is competent to contract who is of the age of majority according to the law to whichContinue reading “Law of Contract – Capacity to Contract”

 CONSIDERATION Consideration is price of the promise. It is in nature of quid pro quo, that is, something for something. It is the price for which the promise of other is brought and promise thus given for value is enforceable. Consideration is “some right, interest, profit or benefit accruing to one party or forbearance, detriment,Continue reading “Law of Contract – Consideration”

 COMMUNICATION OF OFFER, ACCEPTANCE & REVOCATION Communication is an indispensable element in concluding a contract. There must be effective communicationof both ‘offer’ and ‘acceptance’ to give rise to a valid contract. Importance of communication lies in the fact that parties are separated by distance and they employ modes such as post, telegram, fax, email, telephoneContinue reading “Law of Contract – Communication of Offer, Acceptance & Revocation”

  ACCEPTANCE A proposal or offer is said to have been accepted when the person to whom the proposal is made signifies his assent to the said proposal. Act of acceptance lies in signifying one’s assent to the proposal. According to Sir William Anson “Acceptance is to offer what a lighted match is to aContinue reading “Law of Contract – Acceptance”

  PROPOSAL The word ‘proposal’ or‘offer’ meansto give option to someone to agree or deny. In terms of Contracts, a person is said to make a proposal when he signifies to another his willingness to do or abstain from doing anything with a view to obtaining the assent of that other to such act orContinue reading “Law of Contract – Proposal”

  LAW OF CONTRACT The term ‘Contract’ is of common parlance meaning ‘to make bargain’. In law, it has a specific definition – An agreement enforceable by law is a Contract. Agreement again means, in common parlance, as something agreed upon. In law, Every promise and every set of promises forming consideration of each otherContinue reading “Law of Contract – Bird Eye View”